I believe there is a developer quote that describes hit as a combination of hit and expertise in WoW terminology.

So in the single Hit stat, you decrease miss/parry/dodge/block. I think that's fantastic. I also recall reading that when they removed critical hits from mobs in dungeons below 50, they also mentioned that hit would be very much needed in level 50 content.

"The only reason I need to group is to have witnesses to my greatness." -Hubris

I would assume that any bonuses to Hit work exactly as advertised and decrease by some amount a Boss's chance to evade your attacks either by Miss/Dodge/Block/Parry. I highly doubt that a Boss has exactly the same percentage of Miss built in (or we have built in, same difference) as Dodge and Parry, so bonuses that specifically affect THOSE outcomes on the combat table will affect them separately while working in conjunction with Hit on your gear and from Soul selection.

Typically removing any and all chance to fail at an attack is a high priority for a DPS, but that's WoW talking and not RIFT, we'll have to see. And while it may be completely unfeasible to have enough Hit and Soul skills to eliminate all forms of Boss "avoidance", that would definitely be the cap on the stat.

Can Bosses Dodge from behind in RIFT? As in do DPSers poking and stabbing back there have to worry about it or just Miss?